Another national Greenwood retailer to liquidate
INDIANAPOLIS (WISH) — Fresh off the closure and liquidation of Bed Bath and Beyond, Greenwood is losing another national retail store.
According to the Wall Street Journal, Christmas Tree Shops, or CTS is closing all 70 of its stores nationwide. The Greenwood retailer will liquidate.
The closure follows a Chapter 11 bankruptcy filing in May. The company had hoped to turn around business for the 53 year-old company, but sales continued to decline.
Christmas Tree Shops was sold by Bed Bath and Beyond in 2020 to Handil Holdings, who hoped to revitalize the stores.
After filing for bankruptcy in May, the chain ran out of money it needed to continue with the bankruptcy plan and last week decided to close the buisness permanently instead.
Shoppers have been switching their shopping habits to big box chains, such as Amazon, Target and Walmart and spending less due to high interest rates, credit conditions and studen loan repayment uncertainty.
The retailer started in the 1950s as a small holiday store in Cape Cod, Massachusetts. Years later, the company expanded its assortment into “quaint, treasure-filled spaces” for bargain hunters. It kept its name because it was “adding to the store’s fun, quirky personality.”
Christmas Tree Shops operates 70 stores in the United States, including 2 in Indiana. One in Greenwood and the other in Mishawaka.
No word on a closing date at this time.